It’s a bad week for Vikram Pandit, who is suddenly the former chief executive officer of Citigroup Inc., but a pretty good one for some of his old Canadian partners.

After leaving Morgan Stanley in 2005, Mr. Pandit’s hedge fund firm, Old Lane Capital Management, made a strategic investment in a Toronto money manager called Diversified Global Asset Management. At the time, DGAM had about $1-billion of assets, and was just getting going under the stewardship of a group of Canadian hedge fund veterans.

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